Rupee among top 10 EM currencies since May 2014

The rupee may be one of the worst performing currencies this year, but it presents a different picture when you take into account its performance since May 23, 2014, when the Narendra Modi-led National Democratic Alliance government came into power.
During the period, the local unit has ranked as one of the 10 best performing currencies, beating rivals like Brazilian real or South African rand. Although all emerging market currencies have lost value to the dollar amid a raft of global factors, the rupee’s slide is relatively controlled compared with peers. In the four-year period, the dollar index gained about 17% compared with 14.2% loss in the rupee’s value.
During the period, India has seen two interest rate cycles as we entered a rising rate trajectory in June this year. For foreign portfolio investors, interest rate is a key gauge to invest in domestic debt securities. The interest rate adjusted returns are still lucrative in India as against other emerging market currencies. The country has received about Rs 4.20 lakh crore net investments from foreign portfolio investors since the Modi government came to power show data from rbi

This year the rupee hit a record low of 69.09 on June 28 extending its loss to 7% against the dollar. But, traders blame it on the general emerging market weakness as a cocktail of factors like trade wars, rising oil prices and improving US economy has triggered risk-off sentiment globally.